Natural Gas Vehicle Market Forecast Insights Shared in Detailed Report

According to our most recent market research, “Natural Gas Vehicle Market Forecast to 2027 –  Global Analysis- by Fuel Type (CNG and LNG),Application (On Road and Off Road), and Vehicle Type (Passenger Vehicles, Light and Commercial Vehicles, and Heavy Commercial Vehicles),” the market was valued at US$ 17,100 million in 2019 and is expected to reach US$ 28,805.75 million by 2027, growing at a CAGR of 6.9% from 2020 to 2027

Europe led the global natural gas vehicle market in 2019, accounting for 8.1% of total revenue, followed by Asia-Pacific (APAC) and North America. Europe is made up of Germany, Italy, Russia, the United Kingdom, France, and the rest of Europe. Automotive is one of the most important manufacturing industries in European countries, contributing significantly to the countries’ GDP. In addition, the region is home to a number of high-end automakers. Throughout Europe, the number of vehicles and fueling stations is constantly increasing. LNG and CNG are primarily composed of methane, which is increasingly derived from renewable sources such as biomethane and synthetic natural gas. Natural gas vehicles are in high demand due to rising commercial and passenger vehicle production. Furthermore, rising investments in sustainable transportation and a growing demand for alternative fuel technology will drive natural gas vehicle market growth in various European countries in the coming years.

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Asia-Pacific ranked second in the natural gas vehicle market in 2019, with a sizable market share; it is expected to grow at a steady CAGR from 2020 to 2027. Capital investment in technological development has increased by 6.3% in Europe over the last five years, reaching US$ 7,313.09 million in 2019. According to the International Energy Agency, APAC is the leading region in the natural gas vehicle industry, after South America. Individuals’ increasing disposable income and the improving economy have boosted sales of passenger cars and commercial vehicles in recent years. With a thriving automotive and transportation industries, APAC has emerged as a global manufacturing powerhouse. Government initiatives, such as Made in China 2025 and Make in India, are propelling this sector’s growth in APAC countries. The key factors attracting automotive and transportation companies in Southeast Asian countries are the development of infrastructure, increased domestic consumption, and low labour costs. Natural gas vehicles outperform diesel vehicles in terms of pollutant emissions, particularly in heavy commercial vehicles. Improving air quality is expected to be a major driver of natural gas demand in several APAC countries, including India, Malaysia, Singapore, and Thailand. The market is growing due to the expansion of gas markets, public transportation, and the regional economy.

Companies use inorganic market strategies to expand their global footprints and meet rising demand. The market participants in the natural gas vehicle market are primarily concerned with gaining approval by incorporating advanced features and technologies. Companies increase their market share and brand presence by entering into partnerships, contracts, joint ventures, and opening new offices around the world. The majority of market initiatives were observed in North America and Europe, two regions with high potential for future market growth. In 2019, for example, Agility Fuel Solutions for medium- and heavy-duty commercial vehicles received California Air Resources Board (CARB) certifications for its natural gas fuel system for installation on General Motors 6.0L gasoline engines.

The global natural gas vehicle market is divided into the following segments, according to the report:

Types of Fuel

CNG \sLNG

By way of Example

On-Road \sOff-Road

Type of Vehicle

Vehicles for Passengers

Vehicles, both light and commercial

Commercial Heavy Vehicles

Geographically speaking

America, North

US

Canada

Mexico

Europe

France

Germany

Italy \sUK

Russia

The rest of Europe

Asia and the Pacific (APAC)

China \sIndia

Korea, South

Japan

Australia and the rest of APAC

Africa and the Middle East (MEA)

Kingdom of Saudi Arabia

UAE

South Africa and the rest of the MEA

Latin America (SAM)

Brazil

Argentina

The rest of SAM

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